Equity release

Equity release could help unlock tax-free cash from your home

If you’re a homeowner, aged 55 or over and looking to release equity from your property, then an equity release plan might be a good option for you. You could repay your current mortgage and/or release a lump sum for retirement plans.

  • Lump sum of tax-free money
  • Continue to live in your own home
  • No monthly repayment option
  • Protect a percentage of your property value for your loved ones
  • Maintain 100% home ownership*
  • No-negative-equity guarantee

How does an equity release plan work?

There are two types of equity release:

1. Lifetime mortgage

A lifetime mortgage is a long-term loan secured against your home, which doesn’t need to be repaid until you die or go into full-time care. You will still retain ownership of your home and should continue to use the property as your main residence. When you die or go into long-term care, the house will be sold and your loan will be paid off.

Read more about lifetime mortgages>

2. Home reversion

Home reversion is where you sell all or part of your property to a home reversion provider at an amount less than the total market value in return for tax-free cash. You then continue to live in your home as a tenant without paying rent, providing you keep the property well maintained and take out building insurance.

Read more about home reversion plans>

Equity release considerations

There are a few things you should consider before deciding to take out an equity release:

Your property will not immediately go to your beneficiaries when you pass away – however, you can choose to safeguard some of the property’s cash value to use as an inheritance for your family.

It may be that your circumstances change after releasing equity from your home, in which case you may not be able to rely on your property if you need money later in your retirement for unforeseen medical emergencies or events.

Releasing equity from your home can change any benefits you are entitled to, as any money released in equity from your property can affect your income and capital.

Equity release vs other loan options

Equity release is only suitable if you haven’t got any other savings you could use instead. Depending on your circumstances there may also be other loan options that are more appropriate and less expensive for you, such as a secured loan.

If you need to release a substantial amount of equity from you home, downsizing your property might also be an option. Before deciding which option is right for you, it’s always a good idea to look at the other options available and seek professional advice.

Equity release may involve a home reversion plan or lifetime mortgage which is secured against your property. To understand the features and risks ask for a personalised illustration.

Equity release requires paying off any existing mortgage. Any money released, plus accrued interest would be repaid upon death, or moving into long-term care.

All equity release enquiries will be passed to Age Partnership.

6 Great reasons to choose Clever Mortgages

Specialists in bad credit

Every member of our team is trained in bad credit situations and know how to find the right solutions for customers – helping them get the mortgage that’ll get them back on track.

Over 100 lenders

The number and quality of lenders we work with means we have access to a diverse spectrum of best-rate deals. The lenders we use means we have all areas covered – even for those in particularly niche circumstances.

Not every case is the same

As each customer’s situation is unique, we take the time to understand your situation, and we carefully assess your goals and how we’ll make sure the mortgage we get helps you to achieve them.

Access To Exclusive Rates

The relationship we have with our lenders means we have access to products and deals that simply aren’t available to customers going direct. This is true particularly for those in adverse credit situations.

Offering the best support

We know that buying or moving house and getting a mortgage is stressful, so we do our upmost to make the process as hassle-free as possible. We’re there for you at every step, always keeping you in the loop.

Excellent Reviews

We’re proud of our long-standing 5 Star Rating on Trustpilot, and love all the positive feedback we get from customers every day. We feel privileged to help people get a great deal with far less stress.

Why use a mortgage broker?

Mortgage brokers can help you find the best deals on the market – not just from one lender. With a broker you’ll get:

  • Valuable knowledge, through years of experience helping customers to find mortgages
  • An improved chance at finding a mortgage, some mortgages are only available through a broker
  • Help with the application process, as usually just one application can be used across various lenders
  • Advice on how to improve your chances, for instance getting a guarantor or applying for a joint mortgage

About Clever Mortgages

We specialise in assessing an individual’s situation, and finding the right mortgage solution for them. We can help:

  • With remortgages, buy-to-let, and first-time buyers mortgages. We have experts who cover these areas
  • Even if you’ve got bad credit – we help people every day with a variety of credit histories to find the right mortgage
  • With applications, as we’ll take the hassle away. We require your details once and we’ll know the best lenders for your circumstance
  • Our team know the lenders that are most likely to say ‘yes’, and give you the best rates

What should I do next?

  • You enquire online with us today or request a call back
    Our simple form takes a couple of minutes to fill in, this gets the ball rolling
  • One of our experts will give you a call to find out more about your situation
    We have experts in remortgaging, who focus solely on helping customers save money
  • We do all the hard work for you
    We search the market for the trusted lender that’s right for you
  • Our expert will get back in touch
    We can guide you every step of the way, and we’ll always keep you up-to-date with progress
Meet the team

Sarah Blount

Having over 15 years in financial services Sarah ensure our clients stay fully informed on the progress of their applications and supports until the day they complete

Call us on: 0800 197 0504

Below are some of the lenders we work with